REAL AMERICA Act

This bill would let people who earn up to a certain income level deduct cash tips and overtime pay from their federal taxes, meaning they would pay less in taxes on that money. It would also stop the government from taxing Social Security and railroad retirement benefits. At the same time, the bill would change how "carried interest" — the share of profits that managers of private equity firms and hedge funds receive — is taxed, treating it as regular income instead of investment income, which generally means it would be taxed at a higher rate and also be subject to self-employment taxes.

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